It achieved this by analysing adoption rates of big data and IoT analytics solutions and the average amount of data stored by businesses in the last 12 months.

On average, 56 per cent of UK businesses are currently using some form of big data analytics, which currently contributes over £46 billion to the UK economy (when combined with the IoT).

The report suggests the adoption rate of big data analytics will rise to 67 per cent across all industries by 2020 which, when combined with the IoD, will have contributed £322 billion to the UK economy.

Investement banks and telecoms companies were among the top users of big data solutions, averaging 2.83 and 2.62 analytics solutions per firm respectively.